The Ibex 35 has closed very close to the highs of the day and with strong gains (+ 1.86%; 8,378 points). The selective closed February with a rise of 6%, despite falling 1% on Friday due to the rebound in bond yields. However, the tranquility in the debt markets, together with the control of the pandemic and the good economic data, have caused a bullish day in world stock markets. The Spanish index, driven by tourist values and the set of blue chips, is nearing its first major resistance, 8,439 points, annual highs at the beginning of the year.
- 11.154,600
- 1,56%
At a business level, IAG and Amadeus remain unstoppable on the stock market due to the good forecasts for tourism, as the coronavirus pandemic begins to be under control.
In addition, Acerinox has risen strongly after presenting its annual results, which have exceeded the consensus forecasts.
For its part, PharmaMar has gone public after its results and a new agreement with Adium Pharma to market its antitumor Zepzelca in Latin America.
Other very bullish stocks have been Telefónica and ACS, which together with Repsol, Ferrovial and Inditex have contributed to the good tone of the selective.
CALM IN THE BOND MARKET
The more positive sentiment also reflects the result of a pause in the upward movement of bond yields, as bond markets have stabilized after the turmoil seen late last month, with Asian markets enjoying the a solid rally after Friday's big drops.
While central bankers "have struggled to downplay the effects of this bullish move in bonds, markets will put their resolve to the test in the coming days," says Michael Hewson, an analyst at CMC Markets, with the appearance of a large number of members of the Federal Reserve (Fed), culminating with the president of the US central bank, Jay Powell, on Thursday, when he will speak about the economy of the United States in a virtual event organized by The Wall Street Journal .
"The European Central Bank (ECB), for its part, has already raised concerns about the recent rise in yields, and while recent falls in commodity prices could provide a respite, if we continue to see yields they go up, so calls for the ECB to do more to keep yields down will be stronger, "Hewson adds.
On the economic agenda, activity in Spanish factories rebounded in February to 7-month highs, as shown by the manufacturing PMI published by IHS Markit. Manufacturing production in the main European and Asian economies, in addition to the United States, has maintained its rate of expansion despite the pandemic, as restrictions on mobility have affected the service sector much more.
TECHNICAL ANALYSIS AND OTHER MARKETS
Looking at the technical aspect of the Ibex, it "continues to be good and everything seems to indicate that we could end up seeing an extension of the gains in the next days", indicates César Nuez, technical analyst of Bolsamanía. "A close above 8,439 points would make us think of more rises. Below, the key support is at 8,000 points," he adds.
In other markets, bitcoin is up 10% to $ 49,066. In addition, the euro falls in value 0.2% and trades $ 1.2051.
For its part, Brent crude futures for May rose 0.8% to $ 64.92 per barrel, while US West Texas crude futures rose 0.4% to $ 61.77. Finally, the profitability of the 10-year Spanish bond eases to 0.36%, and Wall Street rises over 2% at the close of the European markets.
